By: Forbes Real Time
July 31, 2013 at 11:14 AM EDT
Second Quarter GDP Beats Expectations At 1.7%, Bernanke Still Set To Taper This Year
The U.S. economy continues to muddle along, failing to gain momentum in the face of fiscal drag caused by Washington’s sequester. The Bureau of Economic Analysis released its first second quarter GDP estimate on Wednesday, showing real output expanded 1.7%, substantially above estimates. Yet downward revisions to the past four quarters suggest underlying trend growth hasn’t picked up at all. The silver lining: demand, which pushed up imports and supported consumption spending. In terms of what this means to Fed Chairman Ben Bernanke, it suggests he will move forward with plans to taper quantitative easing (QE) before the end of the year.
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